Current Assets  

As of June 30, 2009, the Foundation has total portfolio assets of $3.1 million. The majority of funds are managed through Wells Fargo Trust of Duluth, while other assets are held at Ameriprise Financial of Duluth, Grand Rapids State Bank and the First National Bank of Coleraine. Investment policies and objectives are determined by the Foundation board of directors and reviewed annually.   

Governance  

The Foundation is governed by a 15-person board; 13 members elected from the Itasca County area; 1 representative from the college faculty (elected annually by the faculty); 1 representative from the alumni association (elected annually by the association) and ex officio members - college provost, development office staff.  

Scholarships and Programs  

Itasca Community College typically awards $200,000 in scholarship funds each year, including endowed  Foundation funds, non-endowed funds (Foundation annual scholarship fund drive, individuals, community organizations and club fonations) and those funded through the Blandin Foundation and the National Science Foundation. The Foundation has over 50 endowed scholarships, and 11 endowed programs (i.e. library, chemistry and  physics, nursing).          

The Foundation also provides funding for the annual college mini-grant program. Itasca faculty and staff are invited to submit proposals that reflect unique and innovative projects or purposes that are not normally funded through college allocations. Grant requests may be up to $2,500 per project and must be encumbered or completed by fiscal year end.  A committee of foundation and college representatives serve as the mini-grant selection committee.   

Operating Budget 

The development office operates on an annual budget for wages, communications, travel, promotions and other regular expenses.  An assessed  management fee (up to 2%) is the primary funding sources for operations.   

Staff  

The Foundation currently has three employees: Cheryl Bennett, business secretary, Beth Anderson, director of alumni relations and Mary Richie, executive director and development director.